Hank Paulson will have to push his way to a good seat at the White House’s inner circle if he wants Wall Street to listen.

And the trick will be to make President Bush listen to Wall Street, economy watchers say.

“The question is whether [Bush advisers] will give him the freedom to restore the Treasury Department,” said Gus Faucher, macroeconomics director at moodyseconomy.com.

Paulson, one of Wall Street’s most prominent power players, will have to create his own playbook for Washington’s corridors, lined with political roadside bombs that have done in his predecessors.

“Paulson would need to make headway on the budget deficit and reignite the administration’s passion for tax reform to prove to the market he had the right stuff,” said Faucher.

“Paulson can do something about this to show the market he’s in charge and that he’s a player in the administration.”

Then, Paulson must chart out the next batch of financial crises ready to explode around the globe and prepare a strategy that President Bush would embrace, said Hugh Johnson, portfolio chief of Johnson Illington Advisors.

“Paulson is equipped to handle a crisis because he knows how to get the best advice anywhere, and he knows how to listen and act on the evidence,” said Johnson.

“He’s got the willingness to be open-minded on everything, but whether the White House will also be open-minded isn’t certain,” said Johnson. “You can only hope.”

A crucial and potentially economy-wrecking decision hinges on what to do about China’s lopsided trade balance with the U.S. and the dollar’s value against China’s currency.

Economists agree that Paulson would probably quarterback an orderly and gradual decline of the dollar against other currencies, in effect lowering the trade deficit with China.

In a U.S. public television interview two years ago, Paulson said, “I’m concerned about the current account deficit, but I would say by order of magnitude, I’m more concerned about the budget deficit than the current account deficit because I really believe that the decline in the dollar – the orderly decline in the dollar – will lead to a natural adjustment.”